Question: Gray is a 50% partner in Fabco Partnership. Grays tax basis in Fabco on January 1, 2010, was $5,000. Fabco made no distributions to the

Gray is a 50% partner in Fabco Partnership. Gray’s tax basis in Fabco on January 1, 2010, was $5,000. Fabco made no distributions to the partners during 2010, and recorded the following:

Ordinary income $20,000 Tax exempt income 8,000 Portfolio income 4,000 What is Gray’s tax basis in Fabco on December 31, 2010?

a. $21,000

b. $16,000

c. $12,000

d. $10,000

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